Our Accounts Payable Audit Work Program provides a detailed framework for conducting thorough audits of an organization's accounts payable processes. It is structured to guide auditors through each stage of the audit, from planning and fieldwork to report issuance. It emphasizes the importance of establishing clear audit objectives, such as ensuring the effectiveness of controls around the payables process and maintaining proper segregation of duties. It also includes a comprehensive breakdown of administrative tasks, such as scheduling, finalizing audit programs, and compiling test work, which are essential for the smooth execution of the audit.

Additionally, it delves into specific audit procedures, including understanding the accounts payable process through interviews with key personnel, reviewing policies, and analyzing data. It highlights the need for detailed testing to ensure compliance with policies and the proper authorization and recording of transactions. It also covers the evaluation of expense reporting and procurement card usage, with a focus on assessing the overall effectiveness and efficiency of these processes. Throughout the work program, there is a consistent emphasis on thorough documentation and communication with management, ultimately aiming to provide a structured methodology that ensures accuracy, compliance and efficiency within the accounts payable function.

Audit steps include:

• Review best practices for initial benchmarking in the accounts payable/expense accounting areas.
• Identify the procurement card user and determine appropriateness.
• Include a final budget vs. actual (BVA) summary for the job in the work paper binder.
• Gain an understanding of procedures for payment processing: invoices, expense reimbursements, petty cash and special accounts